The analyst pointed out how Litecoin has recently slipped under a parallel channel and can be set to a transition to this price level.

Litecoin broke under the support of the parallel channel

In recent post On X, ALI MARTINEZ analyst discussed the parallel channel for Litecoin. The “parallel channel” refers to the model of technical analysis (Ta), which is created when the price of assets consolidates between two parallel trend lines.

There are three types of parallel channels, but in the context of the current topic, the one in which the channel is parallel to the time axis. In this pattern, trend lines follow further ups and downs of a more or less equal size. This means that the resource consolidates completely sideways when inside the canal.

The upper line of the parallel channel will probably be a source of resistance for the price in the future, which means that peaks may occur there. Similarly, a lower level can be a DNA place.

However, if he manages to break any of these barriers, it can continue the continuation of the trend in this direction. This means that escaping over the canal can be stubbornly a signal, and the fall can be bear.

As mentioned earlier, there are other types of parallel channels. Namely, growing and decreasing versions. They happen when trend lines are sloping for them. That is, when price consolidation happens towards net growth or minus. Of course, the growing channel is created when the slope is positive and decreasing when it is negative.

Until recently, the daily price of Litecoin was potentially commercial in the parallel channel. Here is a chart divided by an analyst, which shows this cryptocurrency pattern:

The chart shows that the recently bear action in Litecoin meant that its price fell under the parallel channel. If the pattern persists, the break would mean the bears for the resource.

Basically, movements coming out of the parallel channel have the same length as the height of the pattern itself. On this basis, the analyst posted LTC. “Exit from this channel sets up the price of up to USD 70,” notes Martinez.

Litecoin has been down since immersing under the lower line of the pattern. However, it remains only to see if this decrease will expand for this price or not.

LTC price

Litecoin has suffered a decrease by almost 6% in the last 24 hours, which removed earlier recovery and reduced its price to USD 88.